Capital Intelligence, the international credit rating agency, has released its key report on the Iranian insurance market, reviewing the latest development in the wake of the US unilateral move to exit the Iran nuclear agreement last month.
Although CI considers it the latest blow to the Joint Comprehensive Plan of Action–as the 2015 agreement between Iran and world powers is formally known–as an underlying negative point for Iran's economy overall, it does not see a wider fallout for the insurance sector.
Explaining the key points of the report, Wolfgang Rief, the senior credit analyst who co-authored the report, said in an exclusive interview with Financial Tribune that the upcoming US sanctions for Iran's insurance industry will have little impact both because of the limited exposure of insurers to foreign business and the experience of previous sanctions that have made the firms more adept at managing them.
June 16, 2018 19:57
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Iranian Insurers Resilient to US Sanctions
Although CI considers it the latest blow to the Joint Comprehensive Plan of Action as an underlying negative point for Iran’s economy overall, it does not see a wider fallout for the insurance sector
Rief noted that CI has downgraded Iran’s sovereign rating until the end of April from BB- with a stable outlook to BB- with a negative outlook, but for the insurance sector no lowering of rating has been considered
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